The FY21 comparison is interesting indeed BP particularly when you consider gross profit dollars earnt during the quarter
|
Q1 |
Q3 |
|
FY21 |
FY23 |
Revenue |
738.5 |
764.7 |
GP % |
34.9% |
32.3% |
GP $ |
257.7 |
247.0 |
$10 million less in margin earnt relative to FY21. Plus with overheads running hot hot hot that compounds the decline in EBIT.
Optically TP7 growing topline (that much not in dispute) but that's only due to an aggressive store opening programme. Average revenue per store continues to fall: $1.69m in Q1FY21, to $1.63 in Q1 FY22, to $1.56m in FY23 - and that includes inflation. TP7 stores carry the second highest overheads per store in the WHS portfolio, so its not a surprise after TP7 scrapped through to a small profit in FY21 it sunk back down into a loss making position in FY22 and with the decline in revenue per store that could well accelerate.